26. Five critical steps to save your startup during a catastrophe like COVID-19

During any economic crisis, startups need to take immediate and radical action to stay alive. While I wrote this in response to the pandemic, the advice applies to any situation creating an existential threat to your company.

My most significant experience with this kind of challenge was in the aftermath of the tech bubble bursting in 2000. Everything in the dot com sector seemed to grind to a halt. Surviving required that we significantly change the way we operated. The following five actions saved the company.

1. Reset Expectations

2. Seek Opportunity

3. Hoard Cash

4. Slash Costs

5. Don’t Pay Your Bills

Watch the video of this episode: https://youtu.be/_fqYF2qREaw

Read the blog version: https://ftb.bz/Crisis-survival